Invest with Perspective

Highlights: • Credit spreads are tightening—even as risk rises • What’s driving demand in a weak-growth environment • How auction dynamics and bank guidance skew pricing • Fair value vs. mark-to-market: Why it matters to investors • Intengo’s approach to building better fair value models Thanks for listening! Follow us on Linkedin.

🎙️ Amid the current market turmoil sparked by further trade tariff announcements from the Trump administration, that were far more severe than the market anticipated, our Head of Equities Research Meryl Pick spoke to Kaya FM this week on her team's perspective on the tariffs, the market chaos and the threat of SA’s exclusion from the AGOA trade treaty, an outcome that may not weigh as heavily on our local economy than many think. Thanks for listening! Follow us on Linkedin.

In this episode of The Money Show, Peter Brooke discussed the latest market trends. Peter talked about the remarkable rise of gold, the implications of Trump's tariffs on the global economy, and the challenges facing South Africa's industrial sector. This episode marks Peter's final appearance as a regular guest on our show. Tune in for his valuable insights. 🎙️ Thanks for listening! Follow us on Linkedin.

📌 Premier Group 📌 Raubex 📌 Gold Fields Thanks for listening! Follow us on Linkedin.

Absa appoints Kenny Fihla as CEOThungela Resources’ resultsTransnet’s rail performance🎧 Head of Responsible Investment Research Tana Mongwe unpacks these key developments. Thanks for listening! Follow us on Linkedin.

The latest budget proposal has left investors with more questions than answers. Will the VAT increase go through? What’s the impact on fiscal stability? And how have markets reacted? Join Portfolio Manager Jason Swartz as he unpacks the key takeaways and what they mean for South Africa’s economic outlook: - The revised VAT proposal and its implications - South Africa’s fiscal outlook and debt stabilisation efforts - Market reactions and investor sentiment Tune in now. Thanks for listening! Follow us on Linkedin.

Key takeaways from The Money Show: ✅ Santam: Strong recovery post-COVID; net income up 51%. ✅ Aspen: New contracts and higher margins drive a 12% share price jump. ✅ Bidvest: Diversified results – international growth offsets local economic challenges. Thanks for listening! Follow us on Linkedin.

Join Portfolio Manager Meryl Pick as she unpacks the latest market developments: Prosus and Naspers stock dropWhat’s the right valuation for food delivery?Sasol earnings down 30%The big picture:Thanks for listening! Follow us on Linkedin.

📉 US equities: Reached an all-time high on Feb 19 before declining due to inflation worries and weak economic data. 🇪🇺 Europe’s strength: European equities outperformed, gaining 13% YTD, supported by strong economic data and improving energy dynamics. 🏅 Gold’s surge: Up 10% this year, reflecting investor demand for safe-haven assets amid geopolitical uncertainty. 🇿🇦 SA market trends: Positive performance, mainly driven by Naspers and Prosus, thanks to Tencent’s strength and renewed interest in Chinese tech. ⚖️ Political developments: SA’s budget speech delay and load shedding underscored ongoing risks, though the rand remained stable. 🎯 Investment takeaway: Market uncertainty and regional divergence highlight the importance of risk management. Thanks for listening! Follow us on Linkedin.

Join Portfolio Manager Meryl Pick as she unpacks the latest market developments: 📉 Prosus and Naspers stock drop – down nearly 8%, while Tencent fell only 4%. The Just Eat acquisition may have unsettled investors expecting a focus on profitability. 🚚 What’s the right valuation for food delivery? The market still debates whether Just Eat is a logistics company or a true tech platform. ⚡ Sasol earnings down 30% – but free cash flow is improving. Could this indicate a recovery path? 🌍 The big picture: What these moves signal for South Africa’s market outlook. Thanks for listening! Follow us on Linkedin.

🎙 Join Portfolio Manager Jason Swartz as he unpacks the surprising postponement of South Africa’s Budget Speech. Jason shares insights on the implications for the Government of National Unity (GNU) ⚖️ and the broader economy 📈. 🔑 Key takeaways: 💰 The budget was delayed due to disagreements over a potential VAT hike. ⚖️ This could signal cracks in the GNU – or proof that it's working. 🏛️ The ANC has been asserting its authority within the coalition, as seen with recent policies like the NHI and Expropriation Act. 📉 Market reaction was muted, suggesting investors may see the GNU as functioning despite political noise. Thanks for listening! Follow us on Linkedin.

🎧 On The Money Show, Portfolio Manager Arthur Karas shared key market updates: 💰 Anglo American Platinum’s R16.5bn shareholder payout – A strategic move as Anglo American streamlines its portfolio, focussing on iron ore and copper. Limited new platinum mine investments could tighten future supply, supporting prices. 🏗️ Afrimat’s diversified strategy – Despite short-term pressure from rail constraints and weak local demand, long-term growth is underpinned by Lafarge’s cement turnaround and efficiency improvements at Nkomati Anthracite Mine. 🥚 Quantum Foods’ strong recovery – After last year’s avian flu outbreak, the company has ramped up egg production by 70%. While egg prices dipped 13% due to better availability, the outlook for profitability remains positive. Thanks for listening! Follow us on Linkedin.

🎧 On The Money Show, Peter Brooke, Portfolio Manager at Old Mutual Investment Group, shared key market updates: 📈 Telkom’s strong Q3 – Despite flat revenue, EBIT surged 28%, boosting its share price by 8%. Smart cost management and market share gains in mobile and data are driving growth. 🌍 Leadership moves – Capitec & BAT made strategic director appointments, bringing in global expertise to drive future success. 💰 Rand strength & commodities – The Rand was the best-performing currency globally, backed by rising gold, copper, and iron ore prices, while China’s equities showed resilience. Thanks for listening! Follow us on Linkedin.

Listen in as Reza Fakie, Portfolio Manager of the Old Mutual Global Managed Alpha Equity Fund, shares insights on what’s shaping global markets in 2025. He also analyses emerging markets vs developed markets, and where opportunities lie. 🔹 US and China led global returns in 2024 🔹 Large caps, momentum, and growth dominated 🔹 Emerging markets' growing influence 🔹 Market disruptions to watch in 2025 Thanks for listening! Follow us on Linkedin.

As markets enter 2025, investors face a dynamic landscape of shifting interest rates, technological disruption, and geopolitical challenges. In this video, our CIO, Siboniso Nxumalo, provides in-depth analysis and actionable insights to help investors navigate the year ahead with confidence. ✔️ The impact of interest rates on portfolio positioning. ✔️ China’s economic revival and the influence of the US under Trump’s administration. ✔️ Opportunities in emerging markets versus developed markets. ✔️ Key South African sectors to watch. ✔️ The role of technology and sustainability in shaping investment strategies. Thanks for listening! Follow us on Linkedin.

🎧 Listen to Portfolio Manager Peter Brooke from Old Mutual Investment Group on Radio 702’s The Money Show as he unpacks the anticipated market volatility driven by Donald Trump’s policies. Trump’s inauguration is scheduled for later this month. Peter also highlights the strong performance of the South African equity market in 2024 and gives insights into his stock pick, Sun International. Thanks for listening! Follow us on Linkedin.

US equities have continued their winning streak following Donald Trump’s victory in the US election. Concerns remain around the long-term impact of this election outcome, particularly for emerging markets. Local equities started the month of December strong, lifted by Naspers' positive results earlier in the week. However, GDP data disappointed on Tuesday, which led to a reversal of equity gains. South Africa’s growth prospects remain vulnerable to various factors, but we remain cautiously optimistic about the improving outlook. Thanks for listening! Follow us on Linkedin.

For the latest market movements and key company updates, listen to Portfolio Manager Peter Brooke’s interview on The Money Show, where he unpacked the following key issues: 📈 Super Group's surge: A potential sale of their Australian unit sparks a 14% share price increase. 📊 Boxer listing: A promising new market entrant valued at R54/share, showcasing robust growth potential. 🏥 Netcare's resilience: Operating profit up by 12.6%, but higher interest rates remain a challenge. ⛏ Barloworld's struggles: Declines in equipment sales highlight challenges in the mining sector. 🐟 Oceana's gains: A bright spot with profits up 9.5%. Thanks for listening! Follow us on Linkedin.

Investment Analyst Siya Mbatha dives into the latest market trends affecting South Africa and the global stage. This market update covers: Rand’s volatilityGlobal oil pricesSiya explains how these factors may influence South African markets and what to keep an eye on in the coming weeks. Tune in for a recap of this week’s global and local market dynamics. Thanks for listening! Follow us on Linkedin.

In this episode Jason Swartz Portfolio Manager at Old Mutual Investment Group, provides an insightful analysis of Donald Trump's return to the White House and its potential implications for markets, especially in South Africa. With the US Senate now in Republican hands, Trump's approach is likely to be inflationary, heightening global interest rates and strengthening the dollar — a challenging environment for emerging markets. But there’s a silver lining: Jason discusses how South Africa’s own growth drivers and structural reforms may support the country’s economy in navigating these global pressures. Listen in as he offers guidance on staying focused on fundamentals and investing for the long term amid the uncertainty. Thanks for listening! Follow us on Linkedin.